PNM parent company announces $11.5B proposed sale to Blackstone Infrastructure
A proposed deal to sell PNM's parent company to a private equity firm would keep the company headquartered in New Mexico
TXNM Energy, the parent company for New Mexico Public Service Company of New Mexico, announced early Monday morning it has entered an agreement to be acquired by Blackstone Infrastructure, in a deal valued at $11.5 billion.
A PNM news release says the deal, if approved by the New Mexico Public Regulation Commission, along with Texas and federal regulators, would leave the company headquartered in New Mexico.
'This agreement will provide the financial resources necessary to thrive in this rapidly changing energy environment,' PNM President and CEO Don Tarry said in a statement 'Our focus has been and will continue to be on serving our customers with safe, reliable energy. This investment will help us meet the considerable growth in demand while supporting the transition to a clean energy future and unlocking New Mexico's potential for economic growth.'
Under the proposed agreement, Blackstone Infrastructure will acquire TXNM Energy for $61.25 per share upon closing for a 'total enterprise value of $11.5 billion — including net debt — and TXNM Energy's stock would no longer be publicly traded. A news release says the company expects the process to be completed in the second half of 2026.
Blackstone, which has $60 billion of assets under management, focuses on North American infrastructure platforms. The Wall Street Journal reports in the interim, Blackstone Infrastructure plans to invest $400 million in TXNM through the purchase of 8 million newly issued shares at $50 apiece to support TXNM's plans for growth.
'PNM has done an excellent job of transitioning its generation portfolio to clean energy and supporting the communities it serves,' Sean Klimczak, Blackstone's global head of infrastructure, said in a statement. 'We will utilize our long-term investment approach to support PNM's economic development efforts during New Mexico's sustainable generation transition. We share PNM's deep commitment to the customers and communities they serve and we look forward to meaningfully engaging with PNM's stakeholders.'
TXNM's stocks reportedly rose 7% to a record high on Monday following the announcement.
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